6 Apr 2015
EUR/USD eyeing 1.1022 – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, notes technicals suggests that EUR/USD might see fresh buying on dips which might take the pair higher towards 1.1022, with the downside capped at 1.0950.
Key Quotes
“On the charts, we see the pair stalled yet another time around 1.10 levels. If we put a Fib retracement from 1.1532 (Feb 3rd high) to 1.0461 (March 13 low), we see the pair has repeatedly struggled to sustain gains above 1.0996 (50% retracement).”
“In face, the upside lost steam earlier today at 1.0995. Thus, we could see a technical correction up to 1.0960-1.10950 levels.”
“However, it is important to note that the daily RSI has turned bullish – well above 50.00 – for the first time since Mid- December 2014. Hence, we could see a fresh demand for Euros on dips.”
“The immediate intraday gains appear capped at the 50-DMA located at 1.1022. Further gains, though likely, depend on whether the pair manages to end the day above 1.0996 levels.”
Key Quotes
“On the charts, we see the pair stalled yet another time around 1.10 levels. If we put a Fib retracement from 1.1532 (Feb 3rd high) to 1.0461 (March 13 low), we see the pair has repeatedly struggled to sustain gains above 1.0996 (50% retracement).”
“In face, the upside lost steam earlier today at 1.0995. Thus, we could see a technical correction up to 1.0960-1.10950 levels.”
“However, it is important to note that the daily RSI has turned bullish – well above 50.00 – for the first time since Mid- December 2014. Hence, we could see a fresh demand for Euros on dips.”
“The immediate intraday gains appear capped at the 50-DMA located at 1.1022. Further gains, though likely, depend on whether the pair manages to end the day above 1.0996 levels.”